Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — IPO Roadshow (March 2021)
32 slides from Creative Media's IPO roadshow presentation, Mar 16, 2021
Slide 1: Important Disclosures
Important Disclosures Free Writing Prospectus | CIM Commercial Trust Corporation Investor Presentation Q4 2020 Filed Pursuant to Rule 433 | Dated March 16, 2021 | Registration Statement No. 333-233255 CIM Commercial Trust Corporation (“CMCT”) has filed a registration statement (including a base pros
Slide 2: Important Disclosures: Forward-looking Statements
Important Disclosures CMCT Forward-looking Statements The information set forth herein contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), which are intended to be c
Slide 3: CIM Commercial Trust
CIM Commercial Trust CMCT NASDAQ: CMCT | TASE: CMCT-L Owner and operator of Class A and creative office assets in vibrant and improving metropolitan communities Nine office properties, one hotel and two ancillary properties! 1.3 million rentable square feet of office and 503 hotel rooms' High barrie
Slide 4: COVID-19 Update - Taking Proactive Steps
COVID-19 Update - Taking Proactive Steps 97% Strong Collections ‘ 97% CMCT 98% Q2 2020 Q3 2020 Q4 2020 - Property Level - Corporate Reduced Costs - Realigned support functions and reduced o compensation - - Eliminated $1.1 million base management fee? Bolstered Liquidity Amended bank facility Arrang
Slide 5: CIM Commercial Trust - Key Investment Highlights
CIM Commercial Trust - Key Investment Highlights CMCT Deep Commercial Property Expertise Through Relationship with CIM Group; Insiders’ own ~20.5% of CMCT common stock” High Quality Class A and Creative Office Portfolio Significant Embedded Organic Growth Opportunity From Outsized Growth In Key Gate
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Slide 7: CIM Group: Established 1994, $29.3B Assets Owned and Operated
1994 Established $29.3B Assets Owned and Operated 860+ Real Assets Owned & Operated Competitive Advantages Diverse Team of In-House Professionals Commitment to Community Disciplined Approach 9 Corporate Offices Worldwide Corporate & Affiliated Offices* 1,000+ Employees Community- Focused Platforms A
Slide 8: Creating Value. Enhancing Communities.
1) Creating Value. Enhancing Communities. CMCT Through the execution of transformative projects over 25+ years, CIM has established a track record of creating value for stakeholders while making a positive difference in communities. Team Community Discipline Trusted Partner Experience 1,000+ employe
Slide 9: Community Based Investment Approach
@ Community Based Investment Approach y > CIM pre-qualifies specific transitional and thriving communities through a bottom-up, research-driven approval process prior to making any real estate or infrastructure investments on behalf of its funds or partners. 860+ 135 Mantefrey Assets Across the Amer
Slide 10: Established Track Record
@ Established Track Record CMCT For more than 25 years, CIM has demonstrated the ability to realize strong investment-level returns across various market cycles. Real Estate Credit 12.8% ({12.9%\ 15.5% e 0 Total Realized Investment-Level ; Total Realized Investment-Level Returns Since Inception Tota
Slide 11: Commitment to ESG
@ commitment to ESG CMCT CIM is committed to Sustainable & Environmental Initiatives incorporating Environmental, * For more than 25 years, CIM has developed and operated sustainable infrastructure needed to support growing communities. Key projects include renewable energy, water storage and waste-
Slide 12: Resources & Expertise of Institutional Owner Operator
@ Resources & Expertise of Institutional Owner Operator CMCT CMCT Management CIM Group Co-Founders David Thompson Nathan DeBacker Richard Ressler Avi Shemesh Shaul Kuba CMCT CEO MCT CFO CIM Group Principal CIM Group Principal ‘ CMCT Chairman of CMCT Board SIM Group Ponca! the Board Member Member 11"
Slide 13: Alignment of Interests
@ Alignment of Interests CMCT Insiders' own ~20.5% of CMCT common stock* CIM Group Commitment to CMCT Management and Corporate © CMCT's Board includes CIM Group's three co-founders (Richard Ressler, Avi Shemesh, and Shaul Kuba) Governance Strong Market Knowledge and + CMCT benefits from CIM Group's
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Slide 15: CMCT History
@ CMC History CMCT Transition from Private Fund to High-Quality Public REIT August 2019 — September 2019 + Paid $613 million special dividend ($42.00° per share) to common stockholders © Effectuated 1:3 Reverse Stock Split on the ex-dividend date (September 3, 2019) October 2018 * Announced Program
Slide 16: High Quality Class A & Creative Office Portfolio
@ High Quality Class A & Creative Office Portfolio Growth-Focused Portfolio (As of December 31, 2020) Offic Sounie east é ie Annualized and Ancillary Properties) Location Sub-Market ("SF") Occupied Leased Occupied SF ' Oakland, CA 1 Kaiser Plaza Lake Merritt 537,811 89.1 % 89.1% $ 45.59 San Francisc
Slide 17: Key Los Angeles Office Themes
Key Los Angeles Office Themes oe Tech, media and entertainment demand driving growth Major content creators such as Netflix, Google, Apple, and Amazon Studios lease 3.1+ million SF of office and production space across West Los Angeles and Hollywood’ High barrier-to-entry/supply constrained given re
Slide 18: Embedded Growth Opportunity: Oakland
es) Embedded Growth Opportunity: Oakland CMCT Favorable Office Dynamics (1) Relative Value vs. San Francisco Central Business District (“CBD”) (Class A asking rents)': ° San Francisco - $72.21 ° Oakland - $55.57 @ Office building development has been tempered in the East Bay, with current under cons
Slide 19: Compelling Growth Market
Compelling Growth Market @ Diverse Employment Sources - government, education and tech e Austin is home to many large U.S. corporations including Amazon, Facebook, Apple, Cisco, eBay, GM, Google, IBM, Intel, Oracle, Paypal, 3M and Whole Foods © Sustained, rapid market office rent growth ° Five year
Slide 20: Completed Development: Austin
@ Completed Development: Austin Location Sub-Market Rentable SF Product Austin, T) South 44,000 Office Austin, TX East TBD Office 3601 S. Congress Avenue Expansion — Fully Leased in Q4 2020 + Approximately 44,000 SF, two-story creative office building; add-on building to pre-existing 183,885 SF offi
Slide 21: Redevelopment: Los Angeles
@ Redevelopment: Los Angeles Location Sub-Market Rentable SF Product Los Angeles, CA Mid-Wilshire 140,332 Office 4750 Wilshire Boulevard - Repositioning + Suspended repositioning of building into vibrant, collaborative office space due to COVID-19 + ~$14.5 million redevelopment with just $2.2 millio
Slide 22: Redevelopment: Sacramento Hotel
Location Sub-Market Product Downtown/Midtown Hotel Room Renovations + ~$26.3 million renovation of existing hotel to drive average daily rate and increase group bookings ($2.2 million spent as of December 31, 2020) + Expecting to renegotiate Marriott Hotel Management Agreement; switch to franchise m
Slide 23: Growth Pipeline: Oakland
© Growth Pipeline: Oakland Opportunity to Generate Value Through Co-Investment, Sale or Build-to-Suit Potential Build-to-Suit Location Sub-Market _ Potential Rentable SF Product Oakland, CA Lake Merritt 425,000 - 800,000 Office Ys ta HARRISON 2 Kaiser Plaza (Beacon Tower) ‘ } Ne AS e/a \ + Build-to-
Slide 24: Equity-Enhancing, Growth-Oriented Capital Structure
@ ‘auity-Enhancing, Growth-Oriented Capital Structure CMCT Preferred Stock Program . . . Historical Preferred Stock Issuance z 2 li Series A and Series D (inmillions) + Perpetual Preferred Stock (Series A: 5.5% coupon; Series D: 5.65% coupon) . . ‘ $100.0 * Continuously offered - bi-monthly issuance
Slide 25: Equity-Enhancing, Growth-Oriented Capital Structure: Debt & Preferred Summary
@ Equity-Enhancing, Growth-Oriented Capital Structure CMCT Debt & Preferred Summary (December 31, 2020)' Interest structure Maturity/ (fixed/variable Expiration Loan balance Debt Maturity Schedule (December 31, 2020)' Mortgage Payable etc.) Interest Rate Date (in millions) (in millions) 1 Kaiser Pla
Slide 26: CIM Commercial Trust - Key Investment Highlights
CIM Commercial Trust - Key Investment Highlights CMCT Deep Commercial Property Expertise Through Relationship with CIM Group; Insiders’ own ~20.5% of CMCT common stock” High Quality Class A and Creative Office Portfolio Significant Embedded Organic Growth Opportunity From Outsized Growth In Key Gate
Slide 27: Appendix
Slide 28: Estimated Net Asset Value
Estimated Net Asset Value CMCT Estimated Net Asset Value (As of December 31, 2020) ($in millions, except for shares and per share amounts) (Unaudited) Investments in real estate - at fair value $ 866.7 Loans receivable - at fair value 85.2 Debt ' (319.4) Cash and other assets, net of other liabiliti
Slide 29: Key Metrics
Key Metrics CMCT Top Five Tenants (December 31, 2020) Kaiser Foundation Health Plan, Inc. 1 Kaiser Plaza 2025-20277 $ 16,004 30.0 % 366,777 278% MUFG Union Bank, N.A. 9460 Wilshire Boulevard 2029 3,617 6.8% 27,569 21% F45 Training Holdings, Inc. 3601 S Congres Avenue 2029 2,279 43% 44,171 3.3% 3 Art
Slide 30: Important Information
Important Information
Slide 31: Important Information
Important Information CMCT Assets Owned and Operated (AOO) represents the aggregate assets owned and operated by CIM on behalf of partners (including where CIM contributes alongside for its own account) and co-investors, whether or not CIM has discretion, in each case without duplication. Report Dat
Slide 32: Important Information - Debt and Preferred Summary
Important Information - Debt and Preferred Summary CMCT 1. Excludes: (a) $8.5 million of secured borrowings - government guaranteed loans, which represent sold loans that are treated as secured borrowing because the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Secur